[ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure

[synechist]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.

Ah. So the blocknet people don't take blocknet coins for the ICO. Hmmm.

Where's the faith in the blocknet coins?

Your opinions get more weird by the second.

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

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[tx42]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.

that's just wrong.

Umm, any reason for that opinion?

Yes. It means that blocknet is not taking blocknet coins for the ITO.

[benthach]

Well looking at the exchanges volumes, it looks like the Blocknet is well above its minimum 850 BTC - 683 at Bittrex, approx 300 at coingate, approx 40 at Poniex & 3 at BTer.  That's over 1K of BTC.   Awesome news.  6 days to go!!!

bitt shows 169... and is that not both Buy/Sell volume?

Where do you get 169? It shows 678 BTC worth of bLOCK are available for purchase it was 850 BTC

He's talking about the sell volume not the total amount that was available.

there are 821 more at bter and ton more at polo. bter and polo are dead. the place that sold out is coingate, people dumping their shit coins. everyone at polo selling at below ito price right now. it don't look good.

[ShillAccount]

Talk about a tainted ICO...you guys really messed this one up and screwed over a lot of people.

Let this be a lesson to the rest of you, they may talk a big game but they really have no clue what they're doing.

Nobody messed up here, don't talk crap when you can't buy block

You are ignorant.  Look at the conversion rates they gave on the alts.  These Blocktards have no clue how their coins were distributed?  Yeah right!  Like they're just going to allow coingateway to use an algorithm of their choosing without any information.

If that truly is the case, they're in deeper than I originally thought.

[tx42]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.

Ah. So the blocknet people don't take blocknet coins for the ICO. Hmmm.

Where's the faith in the blocknet coins?

Your opinions get more weird by the second.

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

Then why did you let a third party determine the exchange rate?

[synechist]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

This. Why on earth would a third party company have any input in to the valuing of the Blocknet tokens? Also I've noticed that people who paid with XC (not sure about other coins) received Blocknet tokens at different rates - I got approx 2.9 BLOCK per XC and cryptico got roughly 2.7. Was the BLOCK price not fixed? Not trying to fud here, just seeking clarity.

They're not valuing Blocknet tokens, they valued coins used to buy Blocknet tokens.

[Bobsurplus]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

[synechist]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.

Ah. So the blocknet people don't take blocknet coins for the ICO. Hmmm.

Where's the faith in the blocknet coins?

Your opinions get more weird by the second.

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

[Koontas]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

This. Why on earth would a third party company have any input in to the valuing of the Blocknet tokens? Also I've noticed that people who paid with XC (not sure about other coins) received Blocknet tokens at different rates - I got approx 2.9 BLOCK per XC and cryptico got roughly 2.7. Was the BLOCK price not fixed? Not trying to fud here, just seeking clarity.

They're not valuing Blocknet tokens, they valued coins used to buy Blocknet tokens.

When this is all over, I want to see proof you're holding the Blocknet coins that were used to purchase BLOCK on that shitty exchange.

[synechist]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

This. Why on earth would a third party company have any input in to the valuing of the Blocknet tokens? Also I've noticed that people who paid with XC (not sure about other coins) received Blocknet tokens at different rates - I got approx 2.9 BLOCK per XC and cryptico got roughly 2.7. Was the BLOCK price not fixed? Not trying to fud here, just seeking clarity.

They're not valuing Blocknet tokens, they valued coins used to buy Blocknet tokens.

When this is all over, I want to see proof you're holding the Blocknet coins that were used to purchase BLOCK on that exchange.

Of course. We've been very upfront on the fact that all funds will be transparently held and spent.


P.S. I made your remark non-abusive. I'd appreciate it if you could edit the original similarly.

[ib88]

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

This. Why on earth would a third party company have any input in to the valuing of the Blocknet tokens? Also I've noticed that people who paid with XC (not sure about other coins) received Blocknet tokens at different rates - I got approx 2.9 BLOCK per XC and cryptico got roughly 2.7. Was the BLOCK price not fixed? Not trying to fud here, just seeking clarity.

They're not valuing Blocknet tokens, they valued coins used to buy Blocknet tokens.

That's the same thing.

Also, was the price fixed throughout the duration of the ITO on coingateway for XC?

[tx42]

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

[Skatebird]

Good job polo traders ... Buy high sell low

[synechist]

Update on CoinGateway's pricing algorithm:

we looked at volume and set a btc amount‏
  
but [the algorithm] is confidential tho i rather not disclose that‏

let say Bitswift  for example‏
  
we look at what it takes to buy 0.2 btc worth of bitswift and average the price around that‏

differnet alt usually have different btc volume equivalent depending on their volume‏

[Jbanna]

can some coins be moved around if they aren't all sold? It's unfair how the coingateway ITO was held... there were problems, people weren't sure if they were receiving discounts. I think another 10% of blocknet coins should be moved into the coingateway for users who missed out due to the unfair circumstances.

[synechist]

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

There'd be a conflict of interest for us because we could set an algorithm that guaranteed we'd rake in the maximum amount of altcoin per BLOCK.

[Kuriso]

An update from CoinGateway:


Coingateway has about 40 tickets in-process for payments‏.


Once those are done, they will do the 10% payouts.

This is likely (but not certain) to happen at around 21:00GMT (5pm EST‏).

The 10% discount is separate than the initial amount we were exchanged?  Little strange i guess but I'm glad to hear it.  I was about 85 blocks short when I did my XC trade in.

Everyone should calm down until all the coins have been distributed and then you can start FUD'ing up a storm.  Just chill out for a little bit

I traded in 458 XC i bought on these latest dips.  At current rate (0.00068735 sats) those 458 are worth about 0.3148063 btc.  I got 1309.19364842 BLOCKS from those 458 XC.  

If I sold my XC and bought BLOCKS at 25,000 sats with my 0.3148063 btc, I would only get 1256.07713700 BLOCKS so I did a little better buying with XC.

BUT

10% discount on 25,000 sats is 22,500 sats per BLOCK.  That means I should of earned 1395 +/- blocks.  So I was about 85 blocks short on my XC trade in.

I had bought extra Fibre and Apex to trade in as well and missed those trades.  Now I need to hold or sell them to get more Blocks.

[Revelation]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free to trade these on Polo and Bter but not Bittrex.

[synechist]

can some coins be moved around if they aren't all sold? It's unfair how the coingateway ITO was held... there were problems, people weren't sure if they were receiving discounts. I think another 10% of blocknet coins should be moved into the coingateway for users who missed out due to the unfair circumstances.

All discounts will be paid.

Check out my post history for details.

I gave details on this very recently.

[strunzdumm]

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

You said at the beginning, that you fund the development with the BTC you earn from the ITO?!  No you tell us that this isnt enough and that you want to hold a bunch of BLOCK token??